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innogy

Innogy contains all the Renewable, Network and Retail operations of German utility RWE. The IPO of innogy took place in October 2016, after which innogy is owned 77% by RWE. Despite the ownership percentage RWE does not control innogy and treats it as a financial asset. Following its IPO innogy has a market cap (Aug 17) of €20.9 bn making it around the same size as E.ON by market capitalisation. Innogy is an inherently low risk business with the majority of its EBITDA derived from Network and Renewable activities. On a 1H17LTM basis, and excluding other/consolidation, some 63% of EBITDA came from Network activities and 14% from Renewables. Innogy's most significant area of operation in Germany, but it also has grid operations in Eastern Europe (Poland, Czech Republic, Slovakia, Hungary) and retail supply activities in the UK, Netherland/Belgium and Eastern Europe with a combined customer base of about 23 million. In the Renewable business innogy has onshore and offshore wind and is the number 3 operator of offshore wind in the world. Its portfolio is mostly Europe based but it is looking at opportunities in the US North East and in Canada. (16 Aug 2017)

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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

SSE 1H18/19: Weak Results But Strong Response

Earnings Note: 14 Nov 2018, 9:37 PM ET - Predictably weak numbers from SSE, but management is taking strong action in response to market concerns and we maintain our Market perform view.
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innogy/SSE: May Look To Strengthen New SupplyCo

Worth Watching: 08 Nov 2018, 10:03 PM ET - innogy/SSE : innogy (Baa2/BBB) and SSE (A3▼/A-▼) have both issued statements saying that they have entered into discussions and are working together on potential changes to the commercial terms of the merger of the SSE and npower (innogy) UK s ..

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
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innogy: Reallocates Green Bond Proceeds

Worth Watching: 10 Oct 2018, 8:24 AM ET - innogy (Baa2/BBB): Last week innogy confirmed with Sustainalytics that it had eligible grid assets that could be allocated to its existing €850 mn green bond in place of the existing renewable assets. On 10 October the company confirmed that th ..
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innogy/SSE: Retail Merger Gets CMA Clearance

Worth Watching: 10 Oct 2018, 4:46 AM ET - innogy/SSE : On 10 October the UK Competition and Markets Authority (CMA) announced that it had given final clearance to the merger of the UK retail supply businesses of innogy (Npower) and SSE. The CMA gave provisional clearance at the end of A ..
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innogy: Confirms Grid Eligible For Green Bonds

Worth Watching: 05 Oct 2018, 8:14 AM ET - innogy (Baa2/BBB): Back in June we wrote about the potential issue with regards to the innogy green bond and E.ON's apparent lack of concern about this issue (see our comment innogy: Is My Green Bond Still Green? [8 June 2018]). At the time we ..
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innogy/SSE: Retail Merger - Initial OK From CMA

Worth Watching: 30 Aug 2018, 6:00 AM ET - innogy/SSE : The UK Competition and Markets Authority (the CMA) has given preliminary clearance to the planned merger between the UK supply businesses of npower (owned by innogy) and SSE. This preliminary decision follows the in depth enquiry l ..

RWE 1H18: In-Line, But Some Renewable Visibility

Earnings Note: 14 Aug 2018, 9:55 PM ET - RWE 1H18 results were as expected but the company also posted a presentation giving some visibility on the combined innogy/E.ON renewable portfolio. 
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innogy: Sells 41% of Triton Knoll

Worth Watching: 13 Aug 2018, 5:15 AM ET - innogy (Baa2/BBB) announced on 13 August that it had agreed to sell 41% of the UK 860MW offshore wind farm Triton Knoll, for an undisclosed amount. innogy will remain the majority owner and operator with a 59% stake. The buyers are Japanese u ..
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innogy 1H18: Going Through The Motions

Earnings Note: 12 Aug 2018, 8:38 PM ET - innogy 1H18 results were as expected and the company reconfirmed its full year outlook. Unfortunately innogy will not exist in two years and so unless results are wildly different from expectations they do not really mean much. Retain M/P.

E.ON: Generally Uneventful 1H18

Worth Watching: 08 Aug 2018, 9:47 AM ET - E.ON (Baa2/BBB): In our view the E.ON 1H18 results were generally uneventful. The company could have provided details on how it intended to progress with the innogy transaction, having only secured a stake of 86.2% rather than the 90% required ..
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E.ON: Fails To Get 90% of innogy

Worth Watching: 30 Jul 2018, 12:33 PM ET - E.ON (Baa2/BBB) announced on 30 July that it had completed the additional offer period of its voluntary public takeover offer for innogy (Baa2/BBB), and as a result now holds 86.2%. This includes the 76.8% purchased from RWE and another 9.4% te ..
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innogy: Supports E.ON/RWE Transaction

Worth Watching: 19 Jul 2018, 3:57 AM ET - innogy (Baa2/BBB) announced after market close last night that it had reached agreement with E.ON and RWE on a fair integration process of innogy into E.ON and that it now supports the planned transaction, including supporting it in the capital ..

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.
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innogy: Is My Green Bond Still Green?

Company Analysis: 07 Jun 2018, 9:44 PM ET - We see a number of possible options for the innogy green bond but in our view the most likely outcome is that the proceeds will be reallocated to eligible network projects that will move to E.ON.
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innogy: New Issue - A Leap Of Faith

IG Note: 23 May 2018, 5:04 AM ET - innogy is in the market with a dual tranche new issue, 4.5 year and 8 yr. We would be buyers of the 4.5 year down to MS+55 bps and of the longer dated down to MS+85.
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E.ON/RWE/innogy: Moody's Affirms Ratings

Worth Watching: 21 May 2018, 5:03 AM ET - E.ON/RWE/innogy : Moody's has affirmed ratings on the three major German utilities, E.ON (now rated Baa2/BBB), RWE (now rated Baa3/BBB [Moody's/Fitch]) and innogy (now rated Baa2/BBB/BBB+▼) following the announcement of E.ON's agreement to purc ..
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innogy: E.ON Offer Fair, But No Recommendation

Worth Watching: 11 May 2018, 5:56 AM ET - innogy (Baa2▼/BBB) has concluded that the offer being made to the innogy minority shareholders is fair, with opinions from three investment banks to back this up. However, given the extensive rearrangement of businesses proposed under the t ..

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